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Economy

BOJ stands pat, sparks yen slide to 20-year low of 130 vs dollar

Gov. Kuroda defends loose monetary policy, accuses speculators

 Bank of Japan Gov. Haruhiko Kuroda said last week that the central bank should "persistently" continue its aggressive monetary easing, despite an expected rise in inflation driven by surging commodity costs. (Source photos by Koji Uema and pool photo)

TOKYO -- Bank of Japan Gov. Haruhiko Kuroda triggered a massive yen sell-off against the dollar on Thursday, first by underlining the bank's commitment to loose monetary policy, then by stating that a weak yen is positive for the Japanese economy.

As the steel industry, a business lobby and small business owners voice concern about the weak yen, Kuroda proclaimed: "There is no change to our assessment that the weak yen is positive for the Japanese economy."

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